African lenders formally establish $5 billion energy bank
The African Export-Import Bank and the African Petroleum Producers' Organisation have formally established the Africa Energy Bank, according to a statement from Afreximbank on Saturday.
The African Export-Import Bank, in collaboration with the African Petroleum Producers’ Organisation, has officially formed the Africa Energy Bank, as per an announcement by Afreximbank on Saturday. The bank, equipped with a $5 billion authorised capital, seeks to address a financing gap as conventional lenders withdraw support from fossil fuels, even though oil and gas continue to be vital to Africa's energy infrastructure.
Following the inaugural general meeting held in Abuja, Nigeria, Helmy Ghazi was elected as the bank's first president, and its inaugural board of directors was established. The continent's energy investment requirements are estimated to reach $200 billion, according to the official statement. The Africa Energy Bank will provide support across the entire energy value chain, encompassing exploration and production, refining, and distribution.
Reuters reported in February 2025 that the bank aimed for a mid-year 2025 launch, with South Africa expressing interest in joining, despite not being an APPO member. The bank's target asset base, as previously reported by Reuters, was $120 billion.
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